Polyhedra Network, the developer of Ethereum scaling solution zkBridge, has announced a temporary staking program which offers participants tokens worth $1.13 million in USDT.
According to the announcement, the program runs until July 11 and requires participants to stake their tokens for at least one week. This four-week-long staking event allows token holders to stake their ZKJ tokens in exchange for rewards in ETHFI, ID, and CYBER tokens. To earn a minimum reward of $100, participants must stake 1,000 ZKJ tokens, which are worth about $1,110 at current market prices.
This announcement follows a recent controversy involving Matter Labs, the company behind the zkSync layer-2 solution, and Polyhedra was a big part of it.
Matter Labs had sought to establish exclusive rights to the “ZK” term, even though Polyhedra Network was already using it for its token.
In response, Polyhedra Network changed its token ticker to “ZKJ” and condemned Matter Labs’ actions, accusing them of acting like “a robber and a thief, not a blockchain builder.”
Notably, Matter Labs has abandoned its attempts to trademark the term. The move came after various stakeholders in the crypto community criticized the trademark application. Matter Labs later clarified that it had applied for ZK-related trademarks to ensure the term “ZK” could be freely used with names associated with the company, such as “ZK Sync” and “ZK Stack.”
Meanwhile, as part of its commitment to advancing zero-knowledge (zk) technology, Polyhedra Network recently announced the launch of Expander, an open-source zk-proof system that claims to be the fastest available globally. The team claimed that it combines classical interactive proofs with advanced polynomial commitment schemes to ensure the accuracy of transactions and consensus verification. This system is designed to be faster and deployable on various devices and infrastructures, including mobile phones.
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